Three golden rules of client marketing

One of the biggest challenges for advisers today is finding better quality clients. There is a growing recognition that working with any and every client, irrespective of their circumstances or revenue potential, is no longer viable.

We have written about finding the ideal client in previous articles but, for many adviser firms, marketing is now a much bigger priority.

So many businesses only “do” marketing when they need to increase their flow of new enquiries. As such, firms end up doing it in fits and starts, which results in peaks and troughs in sales flow too. In reality, such sporadic forays into marketing are unlikely to be effective: activity has to be consistent and sustained to really work.

Developing compelling copy is important, whether it is for a brochure, website, email, mail shot or for social media. There are three simple rules to follow, which Anthony Putman describes as the critical steps of marketing communications in his book, Marketing Your Services.

Rule 1: Get me to recognise you are talking to me

Unless your headline or first paragraph helps me to picture my situation it will just be filtered out. During these days of information overload, your copy has to get through what Putman describes as the “wall of indifference”.

How do you do that? By asking a question to which I will answer “yes” or by describing my worries and frustrations so accurately I immediately think you are talking about me.

Rule 2: Tell me how I will benefit from your services

Few marketing communications set out the benefits clearly enough for prospects to visualise it for themselves. Help them to see what outcomes they can expect, how you go about making a tangible difference to their lives and why engaging your services is the best decision they could make. Testimonials and case studies have a role to play here in bringing what you do to life.

Rule 3: Get me to respond

This is where you have to get me to do or say something that tells you I am interested in your services. Make me an offer related to your services and make it easy for me to take advantage of it. Something like a free guide (for example, “top 10 tips for getting financially organised” downloadable from your website in return for my email address) is all you need.

By responding, I have immediately moved from being a target prospect to a qualified prospect and have, even in just a small way, accepted your invitation to start a relationship with you. The offer does not have to cost you much but it does have to build your credibility with me. If you can do that I am likely to be more receptive when I receive your next communication.

What is more I am likely to need to hear from you at least six times on average before I consider becoming a client. You need to ensure your target clients know exactly who you are, what you can do for them and where to find you through repeated and consistent marketing activity. You need to be front of mind when they need you. To achieve this you need to be everywhere they look, constantly reminding them you are there, until they are ready to take up your services.

Marketing little and often can have a profound effect on building a constant stream of clients. Follow these three rules and you will not go far wrong. But, remember: if you cannot sustain your marketing, you are probably best not starting in the first place. It may be just money down the drain.

Jane Cuthbertson is an associate consultant with Steve Billingham Consulting

Recommended

Recently moving house got me thinking about the function and value of financial advice at critical junctures in life. I learned some interesting lessons in terms of financial planning. The value of professional services The fee for selling our house was an eye-watering amount based on its sale price. Arguably, an estate agent’s commission aligns […]

Financial Services Compensation Scheme director of operations Kate Bartlett has stepped down from the organisation. Bartlett joined the FSCS in 2010 and was a member of its board. An FSCS spokeswoman says the lifeboat scheme is seeking a replacement who will take on the newly-created role of chief operating officer. The spokeswoman says: “Our service […]

Software specialist Iress has announced two acquisitions, including the purchase of a market data provider from the London Stock Exchange. Iress has bought Proquote from the LSE and Pulse Software Systems, which develops portfolio management software for asset managers. The amount paid for both firms has not been disclosed. The deal will also see all […]

The Sunday Times has attempted to shine a light on the charging structure of St James’s Place after readers voiced concerns that its advice charges were not transparent. The newspaper featured a story last month looking at indicative costs for advice among the largest firms. At the time SJP told The Sunday Times the newspaper […]

The era of loose monetary policy created an environment that rewarded passive investors in the US. However, with the US raising interest rates for the first time since 2006, Felix Wintle explains why he believes active investing will be more important than ever. In the video Felix discusses: The rising cost of capital and its […]

Newsletter

Latest from Money Marketing

The following sorry verse embodies procrastination on a whole new level: “Hello there, my name’s Phil; I rap like a small bear writing a will [diligently]; Estate-planning, ninja-whooping IHT; Shame I’m not as bizzie [urban affectation] with the RLP.” These words were penned in response to my father’s short verse sent to me, after the […]

Ahead of speaking at Money Marketing Interactive in May, LEBC public policy director Kay Ingram talks about the importance of putting the client at the centre of the advice process and Have advisers reached a point of true professionalism yet? In the 38 years I have worked in our industry, IFAs have seen a monumental shift from […]

Professional indemnity insurance providers have acknowledged that they see DB pension transfers as a high-risk area, as experts continue to express fears over the breadth of coverage for IFAs. While the FCA recently proposed measures to stop PI policies from excluding the Financial Services Compensation Scheme as a claimant and discussed the possibility of a […]